Should a Fund Manager Invest Their Own Money Differently?
I have never been a strong believer in the notion that a fund manager should invest their clients’ assets ‘as if it were their own money’. It is a neat heuristic that I am not sure works consistently in practice. The reality is that there is likely to be a gap between a fund manager’s personal and professional investments, and that difference can tell us a lot about an investor and the environment they operate within. If we assume consistent objectives, why would a professional investor run their own portfolio in a manner that is different from their clients’? ….[READ]
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